Parking Lots and Garages Market Growth Trajectory Through 2024-2033

The Parking Lots and Garages by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Parking Lots and Garages, The parking lots and garages market size has grown steadily in recent years. It will grow from $98.45 billion in 2023 to $102.35 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to lack of sufficient parking due to rising motor vehicles, rapid urbanization, growth in world population and strong economic growth in emerging markets.

The parking lots and garages market size is expected to see steady growth in the next few years. It will grow to $119.91 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to rising number of vehicles across the world and increasing investment in the parking lot and garages company. Major trends in the forecast period include mergers and acquisitions, partnerships and collaborations and focus on wireless smart parking sensors.

The lack of sufficient parking due to rising motor vehicles use in developing economies is expected to drive the global parking lots and garages market. Market liberalization has caused a severe increase in transport, one of the important economic sectors, and its operational efficiency, which in turn has led to increased stagnant traffic in cities. For instance, in India, the average volume of traffic related to parking during peak times can reach 30%–50% of total traffic according to a research study published by the Journal of Traffic and Transportation Engineering. Commuters in Indian cities spend over 80 hours a year looking for parking spaces due to the lack of parking spaces in Indian cities amid a growing population of vehicles. The imbalance between parking supply and parking demand due to the increasing use of vehicles in developing economies is driving the growth of the parking lots and garages market.

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The parking lots and garages market covered in this report is segmented –

1) By Type: Airport & Rail, Hospitals, Hotel And Restaurants, Shopping Centers, Privately Owned, Others
2) By Site: On Street, Off Street
3) By Technology: Smart Parking Using IOT, Automation, Unautomated

The wireless smart parking sensor for detecting parking space occupancy is an emerging trend in the global parking lots and garages market. The Parking Lot Sensor (PLS) senses and records the occupancy of parking spaces, allowing active parking lots management functionality such as search, navigation, and reservation. The sensors help in the effective management of parking spaces in cities. For instance, BOSCH recently launched a parking lot sensor that utilizes the LoRaWAN protocol for wireless communication. This sensor helps in guided and regulated parking, which removes traffic limitations.

The parking lots and garages market report table of contents includes:

1. Executive Summary
2.Parking Lots and Garages Market Characteristics
3.Parking Lots and Garages Market Trends And Strategies
4.Parking Lots and Garages Market analysis
5.Parking Lots and Garages Market Size And Growth
6.Parking Lots and Garages Segmentation
7.Parking Lots and Garages Regional And Country Analysis
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27.Parking Lots and Garages Competitive Landscape And Company Profiles
28.Parking Lots and Garages Key Mergers And Acquisitions
29. Parking Lots and Garages Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• Impark Parking Corporation
• LAZ Parking Ltd. LLC,
• Park24
• Lanier Parking
• Abm Industries Inc

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